GK Express of 10/03/2025

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 ECONOMY COACH

1. What do you mean by Opportunity Cost?

The Value of alternative best choice is known as Opportunity Cost. 

example: If a Farmer having 10 acres of land wanted to cultivate crops. He has some options namely 

a) Cultivating Rice in 10 acres to get a profit of Rs. 50000

b) Cultivating jowar in 10 acres to get a profit of Rs. 48000

He will definitely chooses the first option as it gives more profit than second option. The second option which he has not chosen is known as Opportunity Cost.


2. Which committee recommended the implementation of GST in India?

Vijay Kelkar Committee.


3. What does ‘Twin Balance Sheet Problem’ in the Indian economy refer to?

High Non-Performing Assets (NPAs) in banks and stressed corporate balance sheets.


4. Which is the largest contributor to India’s GDP: Agriculture, Industry, or Services?

Services Sector.


5. What is the objective of the FRBM (Fiscal Responsibility and Budget Management) Act?

To reduce fiscal deficit and ensure macroeconomic stability.


6. Which organization calculates India's GDP?



National Statistical Office (NSO) under the Ministry of Statistics and Programme Implementation (MoSPI)

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